Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of section fifty-three of chapter forty-four of the General Laws, the town of Tisbury may establish in the town treasury a revolving fund which shall be kept separate and apart from all other monies by the treasurer of said town, and in which shall be deposited seventy-five per cent of the receipts received from the issuance of all shellfish permits and licenses by said town. The principal and interest thereon shall be expended without further appropriation under the direction of the shellfish constable, subject to the final approval of the board of selectmen of said town, and only for the propagation, cultivation, protection and study of shellfish. Such money may be expended in conjunction with, or as the matching portion of state or federal reimbursement or grants.
SECTION 2. This act shall take effect upon its passage.